It is the current practice to manufacture T-handle nonlocking latch assemblies as well as key locking latch assemblies for installation in either right-hand or left-hand hinged doors or panels. It is also necessary for manufacturers of metal cabinets and the like to stock T-handle nonlocking latch assemblies, right-hand key locking latch assemblies, and left-hand key-locking latch assemblies, in order to be able to provide the customer with the desired type of latch on the metal cabinet. In some instances, a cabinet is provided with a nonlocking latch and, after delivery, it is decided that it would be desirable to provide the cabinet with a key-locking latch and the entire latch assembly must then be changed to provide the key-locking feature. The manufacture of these various types of latch assemblies increases the cost of manufacture. Also, it is expensive to maintain an inventory of each different type of latch assembly.